Andhra Pradesh Paper Mills gains on initiating a new technology

Andhra Pradesh Paper Mills rose 3.86% to Rs 254.35 at 14:26 IST on BSE after the company on Monday, 2 September 2013, announced the inauguration of a new Bielomatick A4 sheeter at its Rajahmundry unit.

The announcement was made after market hours on Monday, 2 September 2013.

Meanwhile, the S&P BSE Sensex was down 426.62 points or 2.26% at 18,459.51.

On BSE, 20,000 shares were traded in the counter as against average daily volume of 27,421 shares in the past one quarter.

The stock hit a high of Rs 260 and a low of Rs 248.95 so far during the day. The stock had hit a 52-week high of Rs 373.30 on 12 September 2012. The stock had hit a 52-week low of Rs 179 on 8 March 2013.

The stock had outperformed the market over the past one month till 2 September 2013, rising 1.87% compared with the Sensex's 1.45% fall. The scrip had also outperformed the market in past one quarter, declining 1.03% as against Sensex's 4.42% fall.

The small-cap company has equity capital of Rs 39.77 crore. Face value per share is Rs 10.

Andhra Pradesh Paper Mills (APPM), a group company of International Paper in India on Monday, 2 September 2013, announced the inauguration of a new Bielomatick A4 sheeter at its Rajahmundry unit. The new equipment will enable the mill to increase the conversion capacity of branded copier paper, the company said in a statement. The conversion capacity of the new facility is 265 MT/day. The extended facility was built in 13 months with an investment of over Rs 100 crore, it added.

William Michael Amick, Jr., President, IP India and Chairman, APPM said, "The new investment in the Rajahmundry Mill reiterates International Paper's commitment to India. The branded copier paper market has good growth potential in India. The advanced sheeter and IP's global leadership in the copier market will allow us to serve this market with world class products. We continue to be optimistic about the business potential which India offers."

International Paper which has a number of A4 sheet lines installed in various countries including the US and Brazil, has for the first time installed this world class technology in India.

Andhra Pradesh Paper Mills reported net profit of Rs 8.13 crore in the quarter ended 30 June 2013, as against net loss of Rs 15.81 crore in the quarter ended 30 June 2012. Net sales rose 37.4% to R 256.32 crore in the quarter ended 30 June 2013 over the quarter ended 30 June 2012.

Andhra Pradesh Paper Mills is a leading manufacturer of pulp and paper products and caters to both domestic andforeign markets.

Powered by Capital Market - Live News